By Lee Hyo-sik
Staff Reporter
The number of workers aged over 40 has increased at a fast pace in recent months amid the rapidly aging population and low birthrates, while those in their 20s and 30s is declining, making the country's labor force less vital.
According to the National Statistical Office (NSO) Thursday, employees over 40 rose 3.5 percent to 13.2 million at the end of last year from a year earlier, accounting for 56.4 percent of the total workforce. The ratio was up from 55.1 percent in 2006 and 53.7 percent in 2005.
The overall number of employed in all age groups stood at 23.4 million on average in 2007, up 1.2 percent from 23.1 million a year ago.
In particular, 50-somethings accounted for 17.5 percent of the total, up from 16.6 percent in 2006 as the number of workers in their 50s jumped 6.7 percent to 4.1 million during the one year-period. Also, the rate of 60-somethings came to 11.2 percent, up from 10.8 percent a year earlier, as workers in their 60s increased 4.6 percent to 2.6 million.
On the contrary, employees in their 20s accounted for 17 percent of the total workforce in 2007, down from 17.6 percent, as workers aged 20-29 fell 1.7 percent to 4 million. Also, those in their 30s fell 1.6 percent to 6 million over a year ago, accounting for 25.8 percent of the country's labor force, down from 26.5 percent a year earlier.
``With the rapidly aging population, a growing number of older Koreans, including retirees, are entering the labor market as they are forced to keep on working due to inadequate retirement savings. Also, a larger number of the elderly decide to get jobs for reasons other than financial, including health benefits,'' an NSO official said. He said the majority of older workers engage in lowly paid positions, usually involving manual labour in the services sector.
However, the number of workers in their 20s and 30s have been falling as companies do not generate enough jobs of the kind sought after by young people.
``The number of jobless among the 20- and 30-somethings has increased over the years as they tend to shy away from low paying labor intensive jobs in the manufacturing and services sectors. Instead, they choose to stay home and do nothing, discouraged by the competitive job market and a shortage of decent jobs,'' the official said.
According to the statistical office, the number of ``idle'' men and women who are voluntarily unemployed reached an all-time high of 1.63 million in February, up from 1.56 million a year earlier.
Also, the number of college graduates and others studying or training to get jobs also reached an all-time high of 607,000 last month ― up 86,000 from a year earlier ― reflecting the country's tight job market.
Many university graduates are studying longer to get decent work that offers higher salaries and greater job security. But the number of such jobs has decreased or become harder to get because of intensifying competition among college graduates and workers.
Also, with the economy become more capital and technology-centered, there are fewer jobs of choice available for young people and companies are expanding their activities overseas.
leehs@koreatimes.co.kr
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